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by him. <br />(c) Pay sums due from the Authority from Authority <br />money as approved by the governing body. <br />(d) Verify and report in writing on the first <br />day of July, October, January and April of each year to the <br />Authority and to each party hereto the amount of money he holds <br />for the Authority, the amount of receipts since his last report, <br />and the amount paid out since his last report. <br />(e) Make an annual audit of the accounts and <br />records of the Authority (except that audits may be made on the <br />basis of a two -year period if unanimously approved by the gov- <br />erning board). The minimum requirements of the audit shall be <br />those prescribed by the State Controller for special districts <br />under Section 26909 of the Government Code and shall conform to <br />generally accepted auditing standards. <br />Upon the conclusion of each even - numbered calendar <br />year, the Treasurer of the past calendar year shall transfer all <br />Authority money and all documents in his custody pertaining to <br />the business of the Authority to the Treasurer for the next <br />calender year. <br />3. Disposition of Transportation System <br />Improvement Development Fees <br />The parties hereto agree to maintain in effect for <br />the term of this Agreement those ordinances and implementary reso- <br />lutions currently in effect within their respective jurisdictions <br />which require the payment of a fee (hereinafter referred to as <br />"development fee ") in an amount not less than one percent (1 %) of <br />the estimated cost of development for any development occurring <br />-7- <br />